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February 14, 2023
Question

If in year 2020 I took out an SBA Covid loan for $7,300 I just paid it off (2/2023) including about $675 in interest...do I have to report any of this in my 2022 taxes?

  • February 14, 2023
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1 reply

February 14, 2023

The only thing you need to report is the interest paid on the loan in 2022, as it is deductible against your business income.

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